A bit of good news does exist: Small businesses (those with fewer than 500 employees) should be aware that President Biden’s American Rescue Plan Act of 2021 still has tax credit remedies available to help.
Under the Families First Coronavirus Response Act (FFCRA) legislation included in the overall ARP Act, employers may still access tax credits to extend family leave to their employees for injury or illness, including exposure to Covid. Credits will expire on September 30, 2021, unless updated again by Congress. If and when that happens, we will keep you posted. Meanwhile, for details on the legislation’s specifics, click here.
If you need further guidance, please reach out to our tax team for assistance.
You may also be interested in our guide for Accounting for COVID-19 stimulus funds.